TIAA Individual Advisory Services
2017 Quick Tax Reference Guide
Compliments of Wealth Planning Strategies
2017 Federal Income Tax Brackets
Taxable Income
Over
But not over
Tax+
Taxable Income
Of the
% on excess amount over
Over
But not over
Tax+
Of the
% on excess amount over
Head of Household
Unmarried Individuals (other than Surviving Spouses and Heads
of Households)
$0
$13,350
$0
10%
$0
$0
$9,325
$0
10%
$0
$13,351
$50,800
$1,335
15%
$13,350
$9,326
$37,950
$932.50
15%
$9,325
$50,801
$131,200
$6,952.50
25%
$50,800
$37,951
$91,900
$5,226.25
25%
$37,950
$131,201
$212,500
$27,052.50
28%
$131,200
$91,901
$191,650
$18,713.75
28%
$91,900
$212,551
$416,700
$49,816.50
33%
$212,500
$191,651
$416,700
$46,643.75
33%
$191,650
$416,701
$444,550
$117,202.50
35%
$416,700
$416,701
$418,400
$120,910.25
35%
$416,700
$444,551
∞
$126,950.00
39.6%
$444,550
$418,401
∞
$121,505.25
39.6%
$418,400
$0
$2,550
$0
15%
$0
$2,550
$6,000
$382.50
25%
$2,550
$6,000
$9,150
$1,245.00
28%
$6,000
$9,150
$12,500
$2,127.00
33%
$9,150
$12,500
∞
$3,232.50
39.6%
$12,500
2017
2016
Unmarried Individuals (other than Surviving
Spouses and Heads of Households)
$6,350
$6,300
Married filing jointly and Surviving Spouse
$12,700
$12,600
Married filing separately
$6,350
$6,300
Married filing jointly and Surviving Spouse
$0
$18,650
$0
10%
$0
$18,651
$75,900
$1,865
15%
$18,650
$75,901
$153,100
$10,452.50
25%
$75,900
$153,101
$233,350
$29,752.50
28%
$153,100
$233,351
$416,700
$52,222.50
33%
$233,350
$416,701
$470,700
$112,728.00
35%
$416,700
$470,701
∞
$131,628.00
39.6%
$470,700
Married filing separately
Trusts and estates
Standard deductions
$0
$9,325
$0
10%
$0
$9,326
$37,950
$932.50
15%
$9,325
Head of Household
$9,350
$9,300
$37,951
$76,550
$5,226.25
25%
$37,950
$76,551
$116,675
$14,876.25
28%
$76,550
Aged or blind (Additional standard
deduction amount)
$1,250
$1,550
$1,250
$1,550
$116,676
$208,350
$26,111.25
33%
$116,675
Personal Exemption
$4,050
$4,050
$208,351
$235,350
$56,364.00
35%
$208,350
$235,351
∞
$65,814.00
39.6%
$235,350
Each personal exemption is subject to a phase-out that begins with AGI of
$261,500 (single) or $313,800 (married filing jointly). It phases out completely at
$384,000 (single) or $436,300 (married filing jointly).
Kiddie Tax
Unearned Income*
2017
2016
$1,050
$1,050
The amount of unearned income that a child under the age of 19 and college
students under the age of 24 can earn without filing an income tax return.
Note: All unearned income in excess of $2,100 is taxed at the parent’s tax rate.
Source: IRS Revenue Procedure 2016-55
TIAA Wealth Planning Strategies—2017 Quick Tax Reference Guide
Long-Term Capital Gains
and Qualified Dividend Rates
Social Security
2017
2016
$127,200
No limit
$118,500
No limit
$16,920/yr
$1,410/mo
$15,720/yr
$1,310/mo
Tax bracket or taxable income
Long-term capital gain and
qualified dividend rate
0 - 15% Tax bracket
0%
Social Security (OASDI)
Medicare (HI only)
25% - 35% Tax bracket
15%
Retirement earning test
39.6% Tax bracket
20%
Under full retirement age
Gains on collectibles
Maximum 28%
Note: One dollar in benefits will be withheld for every $2 in earnings above the limit.
Unrecaptured 1250 depreciation
Maximum 25%
Taxable wage base
Other long-term gains rates
Year reaching full retirement age
Source: The Patient Protection and Affordable Care Act and The American Tax Relief
Act of 2012
Medicare Surtax of 3.8% Imposed
on Net Investment Imposed If:
$44,880/yr
$3,740/mo
$41,880/yr
$3,490/mo
Note: Applies only to earnings for months prior to attaining full retirement age. One
dollar in benefits will be withheld for every $3 in earnings above the limit.
Taxability of benefits (based on provisional income and filing status)
Married filing jointly
MAGI above $250,000
Married filing separately
MAGI above $125,000
Qualifying widow(er) w/dep child
MAGI above $250,000
Estates and trusts w/undist
net inv income
MAGI above $12,300
All other filers
MAGI above $200,000
Individual
Married
filing jointly
< $25,000
<$32,000
Up to 50% taxable
$25,000-$34,000
$32,000$44,000
Up to 85% taxable
>$34,000
>$44,000
Not taxable
Married filing separately
Up to 85% of benefits are taxable
Provisional Income = Adjusted Gross Income + Nontaxable Income + ½
Social Security Benefits
Estate and Gift Tax
2017
2016
Age to receive full benefits
40%
40%
Year of birth
Estate tax exemption
$5,490,000
$5,450,000
Full
retirement age
% reduced
at age 62
Lifetime gift exemption
$5,490,000
$5,450,000
1943-1954
66
25%
GST exemption
$5,490,000
$5,450,000
1955
66 and 2 months
25.83%
Gift tax annual exclusion
$14,000
$14,000
1956
66 and 4 months
26.67%
Annual exclusion for gifts to
noncitizen spouse
$149,000
$148,000
1957
66 and 6 months
27.50%
1958
66 and 8 months
28.33%
1959
66 and 10 months
29.17%
67
30%
Estate and gift tax rate
Source: IRS Revenue Procedure 2016-55
1960 and later
Health Savings Accounts
Contribution limits
Single/Family
Age 55+ Catch-up
Delayed retirement credit
2017
2016
$3,400/$6,750
$3,350/$6,650
$1,000
$1,000
High deductible health plans
Minimum deductible Single/Family
Maximum out-of-pocket
Single/Family
$1,300/$2,600
$1,300/$2,600
$6,550/
$13,100
$6,450/
$12,900
Year of birth
Year rate of
increase
1943 or later
8%
Accrues when you reach full retirement age until you start receiving benefits or
reach age 70.
Source: Social Security Administration website www.SSA.gov
Source: IRS Revenue Procedure 2016-28
2017 Quick Tax Reference Guide
2
TIAA Wealth Planning Strategies—2017 Quick Tax Reference Guide
Traditional and Roth IRA
Qualified Plans
2017
2016
IRA annual contribution limit
Contribution limit
$5,500
$5,500
50+ Catch-up
$1,000
$1,000
Traditional IRA deductibility phase-out (based on MAGI)
Participants in employer plans
Married—Jointly
Married—Separately
2017
2016
401(k), 403(b), 457(b) salary deferral
50+ Catch-up
$18,000
$6,000
$18,000
$6,000
Simple salary deferral
50+ Catch-up
$12,500
$3,000
$12,500
$3,000
Maximum annual additions in a defined
contribution plan
$54,000
$53,000
1
$99,000 $119,000
$98,000 $118,000
Maximum annual benefit in a defined
benefit plan
$215,000
$210,000
$0 - $10,000
$0 - $10,000
Maximum compensation considered
$270,000
$265,000
$62,000 $72,000
$61,000 $71,000
Highly compensated employee
$120,000
$120,000
Key employee - Officer
$175,000
$170,000
All others
Nonparticipant married to a participant
1
pecial catch-up rules apply to certain 403(b) contributors with 15 or more years of
S
service and governmental 457(b) participants in the last 3 years before retirement.
$186,000 $196,000
$184,000 $194,000
Fully deductible
Fully deductible
$186,000 $196,000
$184,000 $194,000
Age
Applicable
divisor
Percentage
Age
Applicable
divisor
Percentage
$0 - $10,000
$0 - $10,000
$118,000 $133,000
$117,000 $132,000
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
27.4
26.5
25.6
24.7
23.8
22.9
22.0
21.2
20.3
19.5
18.7
17.9
17.1
16.3
15.5
14.8
14.1
13.4
12.7
12.0
11.4
3.65%
3.77%
3.91%
4.05%
4.20%
4.37%
4.55%
4.72%
4.93%
5.13%
5.35%
5.59%
5.85%
6.13%
6.45%
6.76%
7.09%
7.46%
7.87%
8.33%
8.77%
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
9.6
9.1
8.6
8.1
7.6
7.1
6.7
6.3
5.9
5.5
5.2
4.9
4.5
4.2
3.9
3.7
3.4
3.1
2.9
2.6
2.4
10.42%
10.99%
11.63%
12.35%
13.16%
14.08%
14.93%
15.87%
16.95%
18.18%
19.23%
20.41%
22.22%
23.81%
25.64%
27.03%
29.41%
32.26%
34.48%
38.46%
41.67%
91
92
10.8
10.2
9.26%
9.80%
114
115+
2.1
1.9
47.62%
52.63%
Source: IRS Notice 2016-62
Neither spouse a participant
Roth IRA phase-out (based on MAGI)
Married filing jointly
Married filing separately
All others
Source: IRS Notice 2016-141
SEP IRA and Simple IRA—Contribution Limits
2017
2016
Maximum is the lesser of 25% of
comp. or:
$54,000
$53,000
Maximum compensation
$270,000
$265,000
Maximum contribution
$12,500
$12,500
50+ Catch-up
$3,000
$3,000
SEP IRA
Simple IRA
Source: IRS Notice 2016-62
Uniform lifetime table for most taxpayers to
compute lifetime required distributions
Source: IRS Publication 590
2017 Quick Tax Reference Guide
3
TIAA 2017 Quick Tax Reference Guide is a summary in nature and is current and accurate as of 12/16/2016. Users of this guide are advised to refer to
the complete legislation or other applicable materials to ensure accuracy and comprehensive coverage of the material. Further, changes to legislation or
administration actions that become effective after this date may make the information provided in this guide no longer current. This guide is provided to
you for informational purposes only and should not be relied upon as legal or tax advice. Consult your legal or tax advisor for specific advice.
This article is for general informational purposes only. It is not intended to be used, and cannot be used, as a substitute for specific individualized
legal or tax advice. Additionally, any tax information provided is not intended to be used and cannot be used by any taxpayer for the purpose of
avoiding tax penalties. Tax and other laws are subject to change, either prospectively or retroactively. TIAA, its affiliates, and their representatives
do not provide tax advice. Individuals should consult with a qualified independent tax advisor, CPA and/or attorney for specific advice based on the
individual’s personal circumstances. Examples included in this article, if any, are hypothetical and for illustrative purposes only.
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141020164
(01/17)